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The Swiss bank posted the biggest quarterly profit on record thanks to an accounting gain related to its acquisition of Credit Suisse, but weak performance at its former rival hints at a long road back to growth
Imminent half year results will reveal whether the new Swiss bank is a hastily patched monster or a new financial powerhouse
Banks are determined to stick to their growth plans as they see cause for optimism in investment banking thanks to increasing confidence and a growing pipeline of deals
Wall Street is urging the Fed to be cautious despite the regulator hinting higher capital requirements are coming
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Deutsche Bank shares were up nearly 4% on Friday morning, following confirmation on Thursday evening that the Federal Reserve had failed the Comprehensive Capital Analysis and Review submission from its DB USA unit on qualitative grounds. The Fed also blocked planned payout boosts from Goldman Sachs and Morgan Stanley.
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Ahead of its AGM on Thursday in Frankfurt, Deutsche Bank announced it had finished the review of its equities business, and planned to cut headcount and prime finance leverage by a quarter — as part of package of cuts that will see more than 7,000 jobs lost at the bank.
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Credit Suisse’s Asia Pacific unit reported first quarter results that were markedly better than last year as the bank’s struggling markets business turned around and cost cutting bore fruit. -
Deutsche Bank unveiled another major restructuring on Thursday, rebranding itself as a European bank with global reach, and promising to cut back on local commitments in the US and Asia, as well as slashing US rates, global equities, and prime finance. The announcement came alongside results one analyst described as “a relatively poor set even by Deutsche Bank standards”.
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Metro Bank, the UK challenger lender, said on Wednesday that it was expecting to issue tier two this year. But analysts thought it was equity that the bank would be pushed to raise, as its common equity tier one (CET1) ratio dropped further.
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Analysts saw early signs of MiFID-driven consolidation when US banks published their first quarter results that included strong equity trading performances across the board.
